Western Union Money Transfers Now Available on MoMo App
Over 31 million MoMo customers can now receive Western Union money transfers through the MoMo App
For the first time Western Union services will be available on a super app in Vietnam, through MoMo
HO CHI MINH CITY, Vietnam, March 20, 2023--(BUSINESS WIRE)--Western Union and MoMo today announced a strategic collaboration enabling customers to receive Western Union money transfers on the MoMo app. It is the first time a money transfer operator’s services have become available on a leading super app in Vietnam.
Convenient access on the go
Exclusive insights from Western Union research show that a staggering number of consumers in Vietnam (81%) want money transfer providers to integrate capabilities into one ‘super app’. Today’s announcement means consumers will be able to do just that. Established in 2007, MoMo is Vietnam’s leading super app, aiming to improve the life of Vietnamese people by using technology to give them access to simple and affordable financial services.
MoMo’s 31 million customers can now receive their Western Union money transfers digitally from over 200 countries and territories around the world. Collecting funds can be completed in just a few easy steps. Customers can search for ‘Western Union’ on the MoMo App and input their Money Transfer Control Number (MTCN). Once complete, they will be able to route their transfers to the MoMo app, and then into their bank accounts held with any of MoMo’s 50 partner banks.
"At Western Union, we value digital innovation and accessibility," said Atish Shrestha, Head of Indochina at Western Union. "For the first time in Vietnam, a money transfer operator’s capabilities will be integrated within a super app, offering even better experiences to customers. We are excited to collaborate with a likeminded company as MoMo is - focused on offering innovative services that scale cross-border capabilities for consumers in Vietnam."
Serving diverse needs of customers through inclusive innovation
Today’s announcement advances both companies’ digital strategies by offering seamless customer experiences to consumers. Adding this service to MoMo’s ecosystem reinforces its position as the leading Fintech company in Vietnam. It also bolsters Western Union’s recently announced Evolve 2025 strategy to offer high-value, accessible digital and retail financial services.
"It’s our pleasure that MoMo is the first Vietnam fintech company to offer a service such as this with Western Union in order to support Vietnamese receiving cross-border remittances," said Do Quang Thuan, Senior Vice President in charge of the Financial Services Business Unit at MoMo. "Through our research, we found that there was a rising need among overseas Vietnamese to send small amounts of money home to their families in Vietnam. Thanks to the new service, Vietnamese will now be able to receive Western Union money transfers through MoMo for many purposes such as family support and festive and celebratory occasions. Through low cost and speedy remittance services, MoMo wishes to bring people closer together, bridging the gap between Vietnamese overseas and their families in the country."
According to the World Bank, in 2022, Vietnam was the 10th largest remittance-receiving country in the world and third largest in East Asia and Pacific, receiving approximately USD19 billion. These numbers underscore the importance of convenient digital channels for cross-border money transfers, and the importance of partnerships to drive global connectivity.
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About Western Union
The Western Union Company (NYSE: WU) is committed to helping people around the world who aspire to build financial futures for themselves, their loved ones and their communities. Our leading cross-border, cross-currency money movement, payments and digital financial services empower consumers, businesses, financial institutions and governments—across more than 200 countries and territories and approximately 130 currencies—to connect with billions of bank accounts, millions of digital wallets and cards, and a global footprint of hundreds of thousands of retail locations. Our goal is to offer accessible financial services that help people and communities prosper. For more information, visit www.westernunion.com.
MoMo is a Vietnamese Fintech unicorn, provides super-app and payment service and is one of the fastest growing and largest fintech apps in the world. Our mission is to improve the life of Vietnamese people and merchants by using technology to give them access to superior, simpler and affordable financial solutions and daily services. Our award-winning super app platform is trusted and loved by millions of users and merchants for its ease of use, product design, and compelling ecosystem of partners. MoMo has over 2,000 employees and is headquartered in Ho Chi Minh City with offices in Hanoi and Danang. For further information please visit: www.momo.vn
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